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Everything about Startup registration

The Startup is one of the most useful terms for todays generation. It helps many young entrepreneurs to lift their business fruitfully. For those who dont know what Startup is Startup is a scheme employed under DPIIT. This is an initiative by the Government of India that fuels many nurturing ideas to become successful.

This scheme is a result of the make in India program that helps the people of India to create opportunities in the Indian and global market. However the startup portal provides aid to new entrepreneurs to develop new ideas that will boost the economy of India. The startup scheme also has various benefits. By enrolling in the Startup India Scheme you can enjoy several benefits from the Government of India.


Perks under startup recognition


1-Tax Exemption- one of the best perks that every Startup enjoys is an exemption from tax. The startups dont have to mandatorily
file three out of seven initial tax years.
2-Earnest money deposit- all the startups can take exemption from the security deposits on government tenders.
3-Income tax exemption- All the Startups get income tax exemption for three consecutive years.
4-Availability of funds- You can get financial aid from the governments to boost the business
5-Fees reduction- The startups get 50% off on trademark filing and patent filing.
6-Saves time and cost- All these exemptions help startups to save time and cost.


Eligibility criteria for startup recognition


1- The fundamental requirement to be recognized as a startup is the entity must not be older than ten years from the date of
incorporation.
2- All the Startup should be enrolled as a Private limited company, LLP, or a partnership firm.
3- The Startup must not have gained a turnover of more than INR 100 crore from the date of incorporation.
4- Entities must not be reconstructed by splitting/ merging.
5- The entity must work to innovate a product/service. And it should solve all the problems in the existing products.
6- Startups must help in boosting the economy of India.
7- There must be a website of the applicant entity.

If the applicant entity qualifies all the above criteria the DPIIT will issue a hard copy. This is a certificate that states the recognition as a startup. The entities will also receive their login credentials to log into the startup India portal.


Annexure required for startup recognition


1- Certificate of incorporation for Pvt. Ltd. Companies
2- LLP certificate for LLPs
3- Partnership deeds of partnership firms
4- PAN card of the applicant entity
5- URL link of the business website of the applicant entity
6- Link for mobile app, if any.
7- MSME enrolment number, if any
8- Trademark, IPR, or patent filing number and logo
9- Registered email ID, and contact details of the entity
10- A complete profile of the directors along with their phone number and email ID
11- Detailed answers toevery question like how the Startup will solve the problem and provide uniqueness

Innovation in the product and services is the crucial requirement to get startup recognition in India. So, all the businesses that want to get startup recognition must renovate the existing product/technology.


Steps involved in acquiring startup recognition under DPIIT


1 Formation of the business as a Pvt. Ltd. Company/LLP/partnership firm
2- A complete website that shows the products and services of the entity
3- Need to apply by filling the online form
4- Will have to provide all the necessary documents.
5- Need to answer all the questions in a brief manner

The DPIIT issues startup recognition after verifying all the details filled by the applicant company. If in cases, any application is not accurate or is incomplete then the department will mark it incomplete. In such cases you have to provide all the necessary details required. But you have only three chances to edit your application. If you do not file your editing within a certain time, your application would be rejected by the department.

In cases if your application is rejected you can only file a new application after three months.


Conclusion


In conclusion, startup registration has become one of the essential registrations for all the early startups. To enjoy all the benefits of the startup scheme, you have to file all the details carefully. If you want to get easy startup recognition, choose Chakdebiz as your compliant partner. The team of skilled professionals at Chakdebiz will always help you guide with all the compliances.

Chakdebiz is a leading business startup consultant that offers you various compliance services. It includes Proprietorship firm registration, partnership registration, LLP registration, Startup recognition, company registration, GST registration, copyright registration, ISO registration, trademark registration, FSSAI license, and many more.

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